PRECIOUS-Gold extends gains as US data weighs on dollar

Mon Aug 6, 2012 6:16am IST

SINGAPORE, Aug 6 (Reuters) - Gold inched up on Monday,
extending gains from the previous session when the U.S. labour
data beat market expectations, encouraging risk appetite and
weighing on the dollar.
    
    FUNDAMENTALS
    * Spot gold inched up 0.1 percent to $1,604.54 an
ounce by 0036 GMT, after falling more than 1 percent last week
as central banks on both sides of the Atlantic dashed hopes for
imminent monetary easing.
    * U.S. gold futures contract for December delivery 
was little changed at $1,607.80.
    * The dollar index dropped to a one-month low,
supporting sentiment in dollar-priced commodities. 
    * U.S. employers hired the most workers in five months in
July, but an increase in the jobless rate to 8.3 percent kept
prospects of further monetary stimulus from the Federal Reserve
on the table. 
    * Gold flow from Hong Kong to China fell 10 percent to
67,747 kilograms in June, the Hong Kong Census and Statistics
Department said. The department also said 26,997 kg of gold
entered Hong Kong from China in June, down 9.4 percent on the
month. 
    * Hedge funds and money managers raised their net long
position in U.S. gold and silver futures and options by 35
percent in the week to July 31, as price gains based on
speculation of more Federal Reserve stimulus prompted
speculators to boost their bullish bets. 
    * Spanish Prime Minister Mariano Rajoy inched closer on
Friday to asking for an EU bailout for his country, but said he
needed first to know what conditions would be attached and what
form the rescue would take.     
    * For the top stories on metals and other news, click
, or 
    
    MARKET NEWS
    * Wall Street rallied to its highest level since early May
on Friday on a stronger-than-expected U.S. jobs report and
renewed hope European authorities would act to contain the euro
zone debt crisis. 
    * The euro and Australian dollar hit multi-week highs
against the yen on Monday, getting the new week off to a buoyant
start after stronger-than-expected U.S. jobs data last week
lifted risk sentiment. 
        
    DATA/EVENTS (time in GMT)
 0830 EZ   Sentix index            August
 1300 US   Fed's Bernanke speaks
 1400 US   Employment trend index  July
    
    PRICES
    Precious metals prices 0036 GMT
  Metal             Last    Change  Pct chg  YTD pct chg    Volume
  Spot Gold        1604.54    1.54   +0.10      2.61
  Spot Silver        27.76    0.01   +0.04      0.25
  Spot Platinum    1400.74    3.54   +0.25      0.56
  Spot Palladium    574.25    7.25   +1.28    -11.99
  COMEX GOLD DEC2  1607.80   -1.50   -0.09      2.62         1707
  COMEX SILVER SEP2  27.73   -0.07   -0.26     -0.66          824
  Euro/Dollar       1.2411
  Dollar/Yen         78.52
  COMEX gold and silver contracts show the most active months
 
 (Reporting by Rujun Shen; Editing by Himani Sarkar)
Comments (0)
This discussion is now closed. We welcome comments on our articles for a limited period after their publication.

  • Most Popular
  • Most Shared

Sino-Indian Ties

REUTERS SHOWCASE

India-China Relations

India-China Relations

India and China look to put knotty relations on new footing.  Full Article 

Importing Iron Ore

Importing Iron Ore

As mining curbs bite, India offers market to glut-hit iron ore.  Full Article 

Lower Output

Lower Output

IOC cuts refinery output as rains hit fuel demand - source.  Full Article 

Drug Approval

Drug Approval

Epirus, Ranbaxy win India approval for arthritis drug copy.  Full Article 

Farming and Technology

Farming and Technology

Climate smart farmers get tech savvy to save India's bread basket.  Full Article 

Rajan Speaks

Rajan Speaks

RBI chief Rajan says limiting reliance on foreign debt.  Full Article 

India-Vietnam Ties

India-Vietnam Ties

India tightens Vietnam defence, oil ties ahead of China Xi's visit.  Full Article 

Debt & Equity Deal

Debt & Equity Deal

KKR to lend $175 million to GMR Infrastructure - source.  Full Article 

Preparing for IPO

Preparing for IPO

Alibaba boosts IPO as demand strengthens.  Full Article 

Reuters India Mobile

Reuters India Mobile

Get the latest news on the go. Visit Reuters India on your mobile device.  Full Coverage